How to buy Bitcoin

After learning about Bitcoin for the first time, the next thing a person usually wants to do is learn how to buy Bitcoin. Although a common misconception is that Bitcoin is a kind of company with stocks available for online trading, the reality is that bitcoins are nothing more than a digital currency. This means that bitcoins can be bought or won in a similar way to any other currency in the world. These are some common ways you can buy bitcoins today.

How to buy Bitcoin locally

One of the best ways to get access to the Bitcoin network is through other local Bitcoin users. Some applications, such as LocalBitcoins, allow buyers and sellers to find each other in order to exchange cash for bitcoins. This is the way it was intended to exchange bitcoins. It is not necessary to store your bitcoins in a centralized server when you can simply meet with someone in person who can fulfill the obligations on the other side of an operation.

In addition to operating P2P, you can also buy bitcoins at different Bitcoin ATMs. There are already hundreds of these special ATMs in several countries of the world, and the amount of them available to the general public will increase in the coming years. The availability of these Bitcoin ATMs will generally depend on a country’s regulations on digital currency, which means they may not be as abundant in a place like the United States.

How to buy Bitcoin in a clearing house

For many people, buying bitcoins through a clearinghouse is going to be the most practical option. The best example of this method to buy bitcoins is Coinbase. This is a website that will always have bitcoins for sale, and will even help you store them securely after the purchase has been made. Currently, Coinbase charges a 1% fee for each purchase of bitcoins through its website and mobile application, but this rate could fall as more competitors, such as Circle, enter the market.

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One of the disadvantages of using a clearinghouse, such as Coinbase, to buy bitcoins is that it eliminates the Bitcoin privacy and anonymity that can be enjoyed at the protocol level. There are many steps to verify the identity that must be taken before you can buy bitcoins in this type of website, so that is something to keep in mind before blindly searching for the simplest website to buy bitcoins.

How to buy Bitcoin in a Bitcoin exchange

Buying bitcoins in an exchange is usually the most profitable method to enter the market, but it can also be a little inconvenient. These exchanges are perfect for people who want to trade for the day, but they can be impractical for people who simply seek to buy and maintain. Users looking to take advantage of some type of Bitcoin discount in an online store may also find that exchanges are not fast enough for this type of Bitcoin purchases with deadlines.

The exchanges generally come with the same identity verification requirements as the clearinghouses, if not more. This is another factor to consider before opting for a Bitcoin exchange that seems to offer the best market rate.

How to earn Bitcoins

At the end of the day, it is important to remember that bitcoins are a currency. This means that they can be earned each time you provide goods or services to another person. While the above options make sense for someone looking to get exposure to the Bitcoin price, the reality is that winning bitcoins may be the best option for anyone in this new era of long-term cryptocurrencies.

Services like BitWage make it easier for your current employer to pay you in bitcoins, but you will usually have to leave your usual workplace if you are looking to earn bitcoins as income today. If you have a tradable skill or some old junk in the house, then the best way to start with Bitcoin may be to sell those goods and services in the open market. When looking for a place to market the products you have for sale, there may not be a better option than OpenBazaar.